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ECO 365 Week 1 Economic Definitions Worksheet
Economics – Definitions
Complete the following. Include your references using APA formatting.
Write the definition for each of the following:
- Law of Demand
- Law of Supply
- Price Elasticity of Demand
- Macroeconomics
- Microeconomics
Identify 2 Products whose demand is price elastic.
Identify 2 products whose demand is price inelastic.
Which of the following graphs best demonstrates the law of demand?
- I
- II
- III
- IV
Which of the following graphs best demonstrates the law of supply?
- I
- II
- III
- IV